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I am thrilled to announce that the Getting to Know series will be sponsored by TEC Services Group in 2024. TEC Services Group is the leading technology and professional services firm in the credit collections industry offering both leading industry solutions along with unrivaled, unbiased, and experienced support. TEC is now extending its services by offering proven, industry-leading technology solutions alongside of our Professional Services to help Clients feel confident in their technology de
A business like yours likely has one goal when hiring a collection agency: to collect money from customers who pay late or have not paid at all. You may also want to work with a collection agency because you do not have the internal resources or the time to chase past-due invoices, and it is time-consuming. But another goal your business should remember is how a collection agency can help you retain your customers.
Latest data from Money.co.uk has found that on businesses are facing 47-day payment delays. The FSB has described late payments as one of the biggest problems facing small businesses and with the Government announcing plans to crack down on late payments with stricter laws to help smaller businesses and grow the UK economy The research highlights the problem.
Direct mail is the old-school method for reaching consumers regarding their debt, but over time several factors have reduced the effectiveness of letters in collection communicationsconsumer preference and cost being the most prevalent. But specific state compliance regulations and other use cases prove that snail mail still has its place in the omnichannel mix.
AI is reshaping industries, yet finance remains one of the slowest adopters. Concerns over compliance, legacy systems, and data silos have made finance teams hesitant to embrace AI-driven transformation. But delaying adoption isn’t just about efficiency—it’s about staying competitive in a rapidly evolving landscape. How can finance leaders overcome these challenges and start leveraging AI effectively?
Maybe it’s a coincidence or maybe it’s a sign of the expected ramp-up in enforcement and attention that state attorneys general are going to be paying to the financial services industry broadly, including companies in credit and collections, but the Attorney General of New York has issued a guide aimed at protecting residents of The Empire State from “predatory” debt collectors.
The debt collection industry is evolving rapidly, driven by advancements in technology, changing consumer expectations, and an increasing need for efficient recovery solutions. With the U.S. debt collection market generating approximately $12.5 billion in revenue in 2023, the industry is expected to continue growing over the next decade. Heres a closer look at the key… The post The Future of Debt Collection: Trends Shaping the Industry first appeared on Optio.
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The debt collection industry is evolving rapidly, driven by advancements in technology, changing consumer expectations, and an increasing need for efficient recovery solutions. With the U.S. debt collection market generating approximately $12.5 billion in revenue in 2023, the industry is expected to continue growing over the next decade. Heres a closer look at the key… The post The Future of Debt Collection: Trends Shaping the Industry first appeared on Optio.
Looking to domesticate a judgment in New York and wondering if its worth the expense? Consider the following: Except for judgments obtained for medical services, New York is extremely liberal when it comes to judgment enforcement. The New York Civil Rules of Civil Procedure allow collection attorneys to execute judgments right away. Most judgment enforcement is done by the collection attorney without leave of court, which leads to quick action.
This guide explores what active proposal to strike off means and what can happen next if this action is suspended, either by the business in question or another party such as a creditor. ‘Striking off’ refers to the removal of a limited company from the UK’s official register of businesses, maintained by Companies House , so that it ceases to exist.
A recent survey by FICO reveals that customer experience (CX) is becoming increasingly important for U.S. bank customers, with nearly 90% of respondents saying that it is just as important as or even more important than a banks products and services. This insight holds significant implications for professionals in the credit and collection industry who are looking to enhance their strategies for engaging consumers with unpaid financial obligations.
Every business owner knows the frustration of chasing unpaid invoices. You send polite reminders, follow up with calls, and stillradio silence. But why do customers avoid paying their debts, even when they have the means to do so? Its easy to assume that all late payments are due to financial hardship, but the reality is. Read more » The post The Hidden Psychology Behind Unpaid InvoicesAnd How to Overcome It appeared first on JMA Credit Control.
Finance isn’t just about the numbers. It’s about the people behind them. In a world of constant disruption, resilient finance teams aren’t just operationally efficient. They are adaptable, engaged, and deeply connected to a strong organizational culture. Success lies at the intersection of people, culture, adaptability, and resilience. Finance leaders who master this balance will build teams that thrive through uncertainty and drive long-term business impact.
Persistent, motivating, and passionate: these are the words his friends use to describe him. He is one of the main actors in the success of CreditY , he has a passion for politics and, in his free time, he teaches children about the importance of financial independence. Meet Stijn Horlings, Customer Success Manager at Onguard! From customer service to customer success Stijns first real job was in the crypto world.
Does being an authorized user affect your credit? Well, under the right circumstances, becoming an authorized user can help you build your credit. Before you agree to be an authorized user or add an authorized user to your account, its important to understand the potential risks and benefits. This article provides more information about how adding an authorized user works and how it could impact your credit.
A Senate committee in the Indiana state legislature has advanced a medical debt collection bill, Senate Bill 317, which aims to introduce new consumer protections related to medical debt. The bill, which passed unanimously in the Senate Health and Provider Services Committee, seeks to regulate hospital payment plans, limit wage garnishments, and restrict liens on primary residences for eligible low-income individuals.
For businesses, unpaid invoices are more than just an inconveniencethey can disrupt cash flow, strain client relationships, and create long-term financial instability. While some customers fall behind on payments due to genuine financial hardship, others may simply struggle with poor money management or competing financial priorities. Either way, the challenge for businesses is the same: Read more » The post How to Negotiate Payment Plans That Work for Both You and Your Customers appeared f
Your past-due accounts are growing, cash flow is tightening, and the pressure is on. The big question: Do you handle the collections internally or outsource to experts? Both strategies come with advantages and risks - but which one delivers the best impact for your business? In this session we’ll dive deep into the in-house vs. outsourcing debate, examining cost-effectiveness, efficiency, compliance risks, and overall recovery success rates.
Short-term disability (STD) overpayment recovery has become a significant concern with the Social Security Administration (SSA) facing challenges in preventing overpayment and recovering overpayments. A… The post Realities of Short-Term Disability Overpayment Recovery appeared first on Brown & Joseph, LLC.
Being a cosigner can improve your credit history through positive account managementbut it also carries risks, such as financial liability for the debt and negative impacts on your credit score if the primary borrower misses payments. Have you ever been asked to loan money to family ? Cosigning can be a great way to help someone you care about get the financial help they need, but how does being a cosigner affect your credit?
A District Court judge in Michigan has denied a defendant’s motion for judgment on the pleadings in a Fair Debt Collection Practices Act case, ruling that the defendants attempt to impose a 5% interest rate on the debt without clear contractual or legal authorization may constitute a violation of the FDCPA. The background: The lawsuit stems from a rental agreement dispute.
If you operate any type of business, you’ll have people who do not pay you. Late and non-paying consumers are not exclusive to any size business, either. Large organizations and small businesses struggle to get customers to pay sometimes. That’s part of being in business. However, not every reason for non-payment is the same. Many consumers have legitimate reasons for not paying their bills and struggle to meet their own financial obligations.
Speaker: Brian Muse-McKenney, Chief Revenue Officer & Matt Simester, Cards and Payments Expert
In today’s world of social media, dating apps, and remote work, businesses risk becoming irrelevant (or getting "ghosted") if they fail to meet the evolving needs of Gen Z consumers. Credit cards with flexible payment options, especially for young adults with little-to-no credit history, are a particularly important and valuable solution for this generation.
Ending a client relationship is never easy, as it often involves navigating complex emotions and potential conflicts. However, handling the situation with professionalism and tact can significantly preserve your reputation and safeguard future business prospects. By approaching the termination with a clear strategy and respectful communication, you demonstrate integrity and reliability, which are highly valued qualities in the business world.
Have you ever felt in over your head with debt? According to a 2024 study, the average level of personal debt, not including mortgages, is over $22,000. Maybe youve been hit with unexpected medical bills or accrued credit card debt over time. If youre struggling to keep up with your monthly payments, you might be considering debt settlement. Negotiating a debt settlement is a strategy where you work with your creditors to pay less than the amount you actually owe.
Collector Accused of Not Investigating Dispute Judge Dismisses FDCPA Case Over Text Message for Second Time Latest Developments in Fight Over CFPBs FutureLatest Developments in Fight Over CFPBs Future The Growing Importance of Customer Experience in Banking WORTH NOTING: The Internal Revenue Service is cutting 6,000 jobs in the middle of tax season … Riders on “It’s a Small World” may notice new lyrics starting later this year … If you care how SNL alum Jon Lovitz f
Trade vulnerability is becoming a growing issue for many industries in the American economy. Certain industries are at significant risk if tariffs are raised. This increased vulnerability could disrupt supply chains and impact the overall economy with an increase in payment delays or defaults. A new study by The Kaplan Group found that several specific industries have a high-risk score.
Navigating collections in the dynamic financial landscape presents multifaceted challenges. Organizations face pressures to maintain standards alongside software challenges like regulatory adaptations, data integration, security, workflow optimization, and automation. Finding the right software can save time and money. BEAM offers a comprehensive solution with specialized modules to streamline debt collection effortlessly.
Setting business goals is immeasurably important, for lawyers. Business goals supported by data are measurable. But, you may not be ready for that latter part right away that may also be true of your staff. While its exciting to discover new datasets, and reports you dont necessarily have to utilize those to build mandates within your law firm. at least , not right away.
The Americans with Disabilities Act (ADA) outlines clear expectations for employers to accommodate individuals with disabilities and avoid discrimination. Understanding and adhering to these requirements is essential for employers to maintain compliance and minimize risk. This blog post explores the general contours of the ADA to provide employers with guidance on how to comply with its provisions.
A District Court Judge in Ohio has granted a defendant’s motion to dismiss a Fair Debt Collection Practices Act case that accused the defendant of sending a text message attempting to collect on a debt after the plaintiff had responded to an earlier text message declining to pay the debt, ruling that the plaintiff failed to sufficiently allege key elements of the claim.
During National Entrepreneurship Week, we recognize the ingenuity and resilience of small businessesthe backbone of our economy. As we look toward the future, ensuring that entrepreneurs can participate in the growing green economy is critical. Sustainable business practices offer opportunities for innovation, cost savings, and job creation; however, many small business owners face challenges in accessing these opportunities.
CPAs know the drill: taxes, compliance, rinse, repeat. But what about the sneaky cash flow that’s quietly messing with your organization’s success? It’s time to step into the spotlight and expose the “dirty little secrets” of cash flow to fuel strategic growth. By upskilling your accounting practices and shifting focus from tax compliance to the strategic movement of money, you can transform your role from reactive accountant to proactive financial strategist.
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